The Financial institutions; S.A.F.E. Mortgage Licensing Act of 2008 bill has just passed the Georgia State House that is aimed at protecting your house by reducing mortgage fraud.
The plan requires that all mortgage lenders undergo a criminal background check. It also calls for more training for loan officers, and allows state lawmakers to investigate them. Including:
At least 20 hours of prelicensing education courses reviewed and approved by the Nationwide Mortgage Licensing System and Registry, Every mortgage broker will be required to obtain background checks on all employees.
It passed unanimously in the house, and is now on its way to the senate.
Georgia is known for being one of the nation’s leaders in mortgage fraud, so lawmakers say hopefully, this can turn that around a bit. More information at the Georgia State Site
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